Unemployment Rate Hits 14-year Low

Montana’s unemployment rate hit a 14-year low, dropping to 3.5 percent in August. The national unemployment rate for August is 5.2 percent.

“With Montana open for business and more Montanans returning to good-paying jobs, our economic and jobs recovery continues at a strong pace,” Gov. Greg Gianforte said. “Montana is a leader in our nation’s economic comeback, with our state’s unemployment rate at its lowest level in 14 years.”

Montana’s unemployment rate of 3.5 percent in August is the state’s lowest since July 2007 when it was also 3.5 percent.

In August, 521,408 Montanans were employed, recovering nearly 100 percent of the jobs lost since the start of the COVID-19 pandemic in March 2020.

The state’s total employment, which includes payroll, agricultural, and self-employed workers, grew by 1,505 in August. Since January 2021, Montana’s total employment has grown by more than 9,700.

Roosevelt County’s unemployment rate of 4.1 percent ranks 51st in the state. Big Horn County is 56th at 6.7 percent.

The county with the lowest unemployment is McCone at 1.9 percent. Also in the top five are Powell at 2.0, Sweet Grass at 2.0, Gallatin at 2.0 and Daniels at 2.1.

Valley County’s unemployment rate of 2.6 percent ranks 21st in the state. Richland County’s unemployment rate of 3.6 percent ranks 46th in the state.

Payroll jobs posted an increase of 600 jobs since June. In the last two summer months, private employment increased substantially, but government jobs have declined.

The rate of inflation moderated in August with the Consumer Price Index for All Urban Consumers increasing by 0.3 percent over the month in August.

The over-the-year price increase was 5.3 percent, slightly lower than last month. Price increases continue to be driven primarily by high prices for used cars and trucks and energy commodities.

The index for all items less food and energy, referred to as core inflation, increased 0.1 percent in August.